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7th Edition

June, 2016
Gujarat Edition

21

Useful Charts
for Tax Compliance

For Financial Year 2016-17

CA. Amish Khandhar, Ahmedabad


CA. Dinesh Kumar Tejwani, Mumbai

Covering:
Income Tax
Companies Act
Service Tax
GVAT
PF - ESIC
Excise
TDS/TCS Rates

Copyright for Gujarat Edition :


CA. Amish Khandhar, Ahmedabad
CA. Dinesh Kumar Tejwani, Mumbai
Price Rs. 100/Published By :
KMS Advisory Services Pvt. Ltd.
3rd Floor, Devpath Complex, B/h. Lal Bunglow, Off C. G. Road, Ahmedabad - 380 006.
Tel. : 079-2646 1526, 6631 5450/51/52/53
First Edition
: January, 2010
Seventh Edition : June, 2016
Type Setting
Printed by

: Vaishali Printers, Ahmedabad (M) 96240 69110


: Plus Offset, Ahmedabad

Disclaimer :
All efforts have been made to avoid errors or omissions in this book. However, errors may happen. Neither the publishers,
nor the authors or sellers will be responsible for any damage or loss of action to any one, of any kind, in any manner.
No part of this book may be reproduced or copied in any form or by any form or by any means without the written
permission of the publishers.
All disputes are subject to Ahmedabad Jurisdiction only.
Note from Publisher :
With multiple laws and complex compliance requirements, one has to keep referring to several publications and web sites.
This book is an attempt to bring several areas of legal compliance at a single place in a very simple and easy manner.
We are sure our readers will benefit from this useful compilation.
We welcome your comments at amish@kmsindia.in

Statistics of Tax Revenue in India (Rs. in Crores)


Source : www.indiabudget.nic.in
Revenue

2012-13

2013-14

2014-15

2015-16

2016-17
(Estimated)

Gross Tax Revenue 10,36,234

11,38,734

12,45,136

14,59,811

16,31,138

Corporation Tax

3,56,326

3,94,678

4,28,925

4,52,970

4,93,923

Income Tax

2,01,486

2,42,857

2,58,326

2,91,653

3,45,776

Customs

1,65,346

1,72,085

1,88,016

2,09,500

2,30,000

Central Excise

1,76,535

1,70,197

1,88,128

2,83,353

3,17,860

Service Tax

1,32,601

1,54,778

1,67,969

2,10,000

2,31,000

INDEX

1.

Income Tax Rates .......................................................4

2.

Securities Transaction Tax Rates (STT) ...............................5

3.

Tax on Distribution of Dividend (DDT) ................................5

4.

TDS Rate Chart...........................................................6

5.

TCS Rate Chart...........................................................8

6.

Carry forward & Set off of Losses.....................................8

7.

Capital Gains Tax Rates.................................................9

8.

Cost Inflation Index ....................................................9

9.

Presumptive Taxation: Income Tax .................................10

10.

Interest Payable: Income Tax ........................................10

11.

Audit Requirements / Advance Tax ..................................11

12.

Penalties under Income Tax Act......................................12

13.

Depreciation Chart - Income Tax & Companies Act ...............13

14.

Registrar of Companies (RoC) Compliance .........................16

15.

VAT - Gujarat............................................................18

16.

PF/ESIC & Payroll Compliance .......................................19

17.

Due Dates Chart ........................................................20

18.

Excise Duty: Periodical Returns .....................................20

19.

Service Tax Compliance ..............................................21

20.

Table of Abatements : Service Tax ..................................22

21.

Penalties : Service Tax ................................................23

Income Tax Rates

For Individuals, HUF, AOP, BOI

Assessment
Year

2017-18

General

Rate

Senior Citizen (Indian Resident)


60 to 79 years

Nil
10%
20%
30%

Upto 2,50,000
2,50,001 to 5,00,000
5,00,001 to 10,00,000
Above 10,00,000

80 years & above

Upto 3,00,000
Upto 5,00,000
3,00,001 to 5,00,000
5,00,001 to 10,00,000 5,00,001 to 10,00,000
Above 10,00,000
Above 10,00,000

Surcharge @ 15% if Total Income exceeds 1 Crore


Assessment
Year

2016-17

General

Rate

Senior Citizen (Indian Resident)


60 to 79 years

Nil
10%
20%
30%

Cess @3%

Upto 2,50,000
2,50,001 to 5,00,000
5,00,001 to 10,00,000
Above 10,00,000

80 years & above

Upto 3,00,000
Upto 5,00,000
3,00,001 to 5,00,000
5,00,001 to 10,00,000 5,00,001 to 10,00,000
Above 10,00,000
Above 10,00,000

Surcharge @ 12% if Total Income exceeds 1 Crore

Cess @3%

Income Tax Rates - Companies/Firms/LLPs/Local Authorities


Assessment Year 2017-18
Total Income

Rate of Income Tax (%)

Rate of MAT/AMT (%)

Tax Rates for Domestic Companies


Upto ` 1 Crore
Exceeding ` 1 Crore but not exceeding 10 Crore
Exceeding ` 10 Crore

30.900*
33.063
34.608

19.055
20.389
21.342

Tax Rates for Foreign Companies


Upto ` 1 Crore
Exceeding ` 1 Crore but not exceeding 10 Crore
Exceeding ` 10 Crore

41.200
42.024
43.260

19.055
19.436
20.008

Tax Rates for Firms / LLPs/Local Authorities


Upto ` 1 Crore
Exceeding 1 Crore

30.900
34.608

19.055
21.342

* In case of Domestic company having turnover of less than ` 5 crore during F.Y. 2014-15, the tax rate will be 29% for A.Y. 2017-18

Income Tax Rates : Co-operative Societies


Assessment Year 2017-18

Net Income Range

Rate of Income Tax

Upto ` 10,000
` 10,001 to ` 20,000
Above ` 20,000
Surcharge
If income upto ` 1 Crore
If income Exceeds ` 1 Crore
Education Cess
Secondary and Higher Education Cess

10%
20%
30%
Nil
12%
2%
1%

19.055
21.342

Securities Transaction Tax Rates (STT)


Transaction

Purchase/Sale of equity shares, units of equity


oriented mutual fund (delivery based)
Sale of equity shares, units of equity oriented
Mutual fund/Units of Business Trust (non-delivery based)
Sale of an option in securities (w.e.f. 01-06-2016 onwards)
Sale of an option in securities, where option is exercised
Sale of futures in securities
01-06-2013 onwards
Sale of unit of an equity oriented fund to the Mutual Fund
01-06-2013 onwards
Sale of unlisted equity shares under an offer for sale to public

Alternative Minimum Tax(AMT)

Rates

Payable By

0.10%

Purchaser / Seller

0.025%
0.05%
0.125%

Seller
Seller
Purchaser

0.01%

Seller

0.001%
0.20%

Seller
Seller

Tax on Distribution of Dividend (DDT) / Buyback of Shares


Payable By
Domestic Company
Domestic Company
Securitisation Trust
Securitisation Trust

Applicable On
Dividend Distribution
Tax on buyback of unlisted shares
Income distribution to investors : Individual/HUF
Income distribution to investors : Other persons

Section
115-O
115QA
115TA
115TA

Rate
20.358
23.072
28.840
34.608

TDS Rate Chart : Resident

4
Assessment Year 2017-18

FINANCIAL YEAR 2016-2017

Nature of payments
made to resident

Sec.
194A

Description

Threshold
Limit
Amount

Company Firm
If No PAN
Individual
Co-op Soc.
Or
HUF
Local Authority
Invalid PAN

Rate

Rate

Rate

Interest - Payable by Banks

10,000

10

10

20

Interest - Payable by Others

5,000

10

10

20

10,000

30

30

30

194B Winning from Lotteries / Crossword Puzzle


Payment to Contractors - Single Transaction

30,000

20

1,00,000

20

15,000

5/10*

20

1,00,000

20

15,000

20

Rent

1,80,000

10

10

20

Rent-Plant / Machinery

1,80,000

20

30,000

10

10

20

10

10

20

2,500

10

10

20

194BB Winnings from horse race

10,000

30

30

30

194F Repurchase Units by MFs

20

20

20

15,000

20

2,50,000

10

10

20

50,00,000

20

194C

Payment to Contractors - Aggregate during FY


194D Insurance Commission
194DA Non-exempt payments made under a life
insurance policy
194H Commission / Brokerage
194 I

194J

Professional Fees
Director Fees

194

Dividends

194G Commission - Lottery


194LA Immovable Property (Compulsory Acquisition)
194IA Transfer of immovable property, other than
agricultural land

* Tax should be deducted @10% in case the payee is Company assessee.

TDS Rate Chart : Non-Resident


Assessment Year 2017-18

FINANCIAL YEAR 2016-2017


Non-Resident

Section

194B
194BB
194E
194F
194G
194G
194LB
194LC
194LD
196B
196C
196D
195
a
b
(i)
(ii)
c
d
e
(i)
(i)
(ii)
f
(i)
(ii)
g

Nature of Payments

Winning from lotteries / Crossword puzzle


Winning from horse race
Payment to foreign citizen sports person/ entertainer
Repurchases of units by Mutual Funds
Commission on sale of lottery tickets (upto 31-05-2016)
Commission on sale of lottery tickets (from 01-06-2016)
Interest by infrastructure debt fund
Interest on approved long infrastructure bond
Interest on rupee denominated bond
Income from units to an offshore fund
Interest of foreign currency bonds or GDR
Income from security to FII
Other Sum
income of foreign exchange asset to Indian Citizen
Long Term Capital Gains
Under Sec 115E / 112(1)(c)(iii)
Other
Short Term Capital Gains - Sec. 111A
Interest on foreign currency loan by Govt. /Indian company
Royalty
In respect of copyright on books/computer software
Others
Agreement made between 01-04-61 and 31-03-76
Agreement made after 31-03-76
Fees for technical service
Agreement made between 01-03-64 and 31-3-76
Agreement made after 31-3-76
any other income

Non Domestic Company

Upto `
1 Crore

More
than
`1
Crore*

More than
`
More
Upto ` 1 Crore
than
1 Crore but upto ` 10
`
Crore
10 Crore

30.900
30.900
20.600
20.600
10.300
5.150
5.150
5.150
5.150
10.300
10.300
20.600

35.535
35.535
23.690
23.690
11.845
5.923
5.923
5.923
5.923
11.845
11.845
23.690

30.900
30.900
20.600
NA
10.300
5.150
5.150
5.150
5.150
10.300
10.300
20.600

31.518
31.518
21.012
NA
10.506
5.253
5.253
5.253
5.253
10.506
10.506
21.012

32.445
32.445
21.630
NA
10.815
5.408
5.408
5.408
5.408
10.815
10.815
21.630

20.600

23.690

NA

NA

NA

10.300
20.600
15.450
20.600

11.845
23.690
17.768
23.690

10.300
20.600
15.45
20.600

10.506
21.012
15.759
21.012

10.815
21.630
16.223
21.630

10.300

11.845

10.300 10.506 10.815

30.900
10.300

35.535
11.845

51.500 52.530 54.075


10.300 10.506 10.815

30.900
10.300
30.900

35.535
11.845
35.535

51.500 52.530 54.075


10.300 10.506 10.815
41.200 42.024 43.26

* Before 01-06-2016 relevant surcharge was 12%


* In case if recipient is a non resident co-operative society or firm, surcharge will be 12%

TCS Rate Chart

5
Assessment Year 2017-18

Nature of Goods

Resident
Any
Amount

Non-Resident
Upto
`
1 Crore

More
than
`
1 Crore*

Non Domestic Company


More than More
Upto
` 1 Crore than
`
`
but upto
1 Crore
`10 Crore 10 Crore

Alcoholic liquor for human Consumption

1.000

1.030

1.185

1.030

1.051

1.082

Indian made foreign liquor

1.000

1.030

1.185

1.030

1.051

1.082

Tendu leaves

5.000

5.150

5.923

5.150

5.253

5.408

Timber obtained under forest lease

2.500

2.575

2.961

2.575

2.626

2.704

Timber obtained by any mode other than a forest lease

2.500

2.575

2.961

2.575

2.626

2.704

Any other forest produce not being timber or tendu leaves 2.500

2.575

2.961

2.575

2.626

2.704

Scrap

1.000

1.030

1.185

1.030

1.051

1.082

Minerals, being coal or lignite or Iron ore.

1.000

1.030

1.185

1.030

1.051

1.082

Parking lot, Toll Plaza, Mining and quarring

2.000

2.060

2.369

2.060

2.101

2.163

Cash consideration for Bullion exceeding ` 2 lakh &

1.000

1.030

1.154

1.030

1.051

1.082

1.000

1.030

1.154

1.030

1.051

1.082

1.000

1.030

1.154

1.030

1.051

1.082

Jewellery exceeding ` 5 lakh


Cash consideration for any other goods / service
excedding ` 2 lakh

(w.e.f. 01-06-16)

Motor vehicle of value exceeding ` 10 lakh (w.e.f.01-06-16)

* In case of a non resident co-operative society or firm, surcharge will be 12%

Carry forward and Set off of Losses

Sr.
Type of loss
1. House Property
2. Speculation
3. Unabsorbed Depreciation /
Cap Exp on SR / Family Plan
4. Other business losses
5. Short Term Capital Losses
6. Long Term Capital Losses
7. Owning / Maintaining race horses
8. Specified Business u/s 35AD

Set off under/ Against*


Income under head house property
Speculation
Any income
(other than salary)
Normal Business Profit
Short Term / Long Term Capital Gains
Long Term Capital Gains
Owning / Maintaining race horses
Specified Business u/s 35AD

Carried forward for


8 years
4 Years
No Limit
8 Years
8 Years
8 Years
4 Years
No Limit

* No Loss can be set off against winning from lotteries, crossword puzzles, races including horse race, card games and any sort of
receipt from gambling or betting of any form or nature.
* For Loss to be carried forward for future periods, Return of loss must be filed in time.

Capital Gains Tax Rates

7
Assessment Year 2017-18

Particulars

Short-Term Capital

Long-Term Capital

Gains Tax Rates

Gains Tax Rates

Sale transactions of equity shares / unit


of an equity oriented fund which attract STT

15%

Nil

Slab rates

Other than unlisted - 20%

Sale transaction other than mentioned above:


Non-residents Individuals

Unlisted - 10%
Resident Individuals

Slab rates

Firms including LLP (resident and

20% with indexation

non-resident)

30%

10% without indexation

Resident Companies

30%

Overseas financial organisations specified

40% (corporate)

section 115AB

30% (non-corporate)

10%

FIIs

30%

10%

Other Foreign companies

40%

20% / 10%

Local authority

30%

20% with indexation

Co-operative society

Progressive slab rates 10% without indexation

These rates will further increase by applicable surcharge & education cess.

Cost Inflation Index

8
F.Y.
1981-82
1982-83
1983-84
1984-85
1985-86
1986-87
1987-88
1988-89
1989-90

INDEX
100
109
116
125
133
140
150
161
172

F.Y.
1990-91
1991-92
1992-93
1993-94
1994-95
1995-96
1996-97
1997-98
1998-99

INDEX
182
199
223
244
259
281
305
331
351

F.Y
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08

INDEX
389
406
426
447
463
480
497
519
551

F.Y.
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17

INDEX
582
632
711
785
852
939
1024
1081
1125

Presumptive Taxation : Income Tax

All Resident Taxpayers

Rate at which Income is presumed

Business
(i) Small Business [excluding (ii)]
[Section 44AD] (Note : a, b, c, d)

8% of gross turnover/ receipts

(ii) Plying, leasing or hiring of trucks (person should not have


owned over 10 goods carriages at any time during the
previous year) [Section 44AE] (Note : b, b1, c)

` 7,500 per month / part of month


irrespective of vehicle capacity
(from A.Y. 2015-16 onwards)
50% of gross receipts

(iii) Professionals (Section 44ADA) (Note : a, b, c)


Non-Resident Taxpayer

Rate at which Income is presumed

Business
Shipping (b)
Exploration of mineral oil (b)(c)
Operations of Aircraft (b)
Turnkey power projects (b)(c)

7.5% of gross receipts


10% of gross receipts
5% of gross receipts
10% of gross receipts

(a) The assessee is eligible for the option of Presumptive Taxation if the gross receipts of the taxpayer does not
exceed ` 2 Crore in case of business and ` 50 lakh in case of professional
(b) All deductions/expenses (including depreciation) shall be deemed to have been allowed.
(b1) Additional deduction of partners's interest & remuneration in case of firm is allowed.
(c) The taxpayer can claim lower profits, if he keeps and maintains specified books of accounts and gets its
account audited u/s.44AB
(d) Applicable to Individuals, Hindu Undivided Families and Firm - excludes LLP, tax payer availing deduction
under Section 10A/10AA/10B/10BA or Chapter VI-A(C) of the Act.

Interest payable : Income Tax

10
Description

Rate

Period From

Delay in furnishing return of income 1% p.m.


Not furnishing return of income
1% p.m.

Due date
Due date

Failure to pay advance tax, 90% of 1% p.m.


assessed tax as advance tax
Deferring Advance Tax
1% p.m.
Failure to deduct tax at source
1% p.m.
Failure to deposit tax in time
1.5% p.m.
Failure to pay DDT
1%p.m.
Excess Refund Paid
0.5%p.m.

Period To

Section

1st April of AY

Date return furnished


Date of completion of
assessment U/S 144
Date Tax Payment is made

234A
234B

Due date
Date of payment/credit
Date of deduction
Due date
Date of refund

Due date of next instalment


Date of deduction
Date of deposit
Date of Payment
Date of regular assessment

234C
201(1A)
201(1A)
115P
234D

10

234A

Audit Requirements

11

Presumptive Taxation

Audit
Particulars Requirement

Section 44AD / 44ADA


Business

Section 44AE

Other than
Presumptive
Taxation
Section 44AB

Audit is
Turnover is less than
not required ` 2 Crore and profit is 8%
of T/o or more

1) Less than 10 vehicles


2) ` 7,500 per month / part of
month irrespective of vehicle
capacity

Audit is
required

1) 10 or more vehicles OR
Turnover is more
2) Income is less than ` 7,500 than ` 1 Crore
per month / per vehicle

1) Turnover is more than ` 2 Crore


2) Turnover is less than ` 2 Crore
and Profit is less then 8%

Profession Audit is
Gross receipt upto ` 50 lakhs and
not required profit is 50% of gross receipt or more
Audit
required

Turnover is less
than ` 1 Crore

Gross receipt less


than `50 lakhs

Gross receipt
more than ` 50
lakhs

1)Gross receipt more than ` 50 lakhs


2) Gross receipt less than ` 50 lakhs
and profit less than 50%

Advance Tax
Due Date

Corporate & Non-Corporate

*Assessee covered by presumptive Taxation*

15th June

Up to 15%

---

15th Sep

Up to 45%

---

15th Dec

Up to 75%

---

15th Mar

100%

100%

Note : Advance tax is not applicable if tax liability is less than ` 10,000/- or assessees covered U/s 44ADA
* Only for Assessees referred to in Section 44AD

Partner Remuneration
Book Profit

Amount deductible [u/s 40(b) for Business & Profession]

Loss

Maximum ` 1,50,000

Upto ` 3,00,000

` 1,50,000 or 90% of book profit, whichever is more

More than ` 3,00,000

90% of 3,00,000 and 60% of balance book profit


11

Penalties : Income Tax

12

Penalty

Default
Non Payment
Tax Payments including Self Assessment Tax
Failure to Comply
Failure to answer any question put to a person
Failure to sign any statement made by a person in
course of income tax proceeding
Failure to comply summons issued u/s.131(1)
Failure to comply with a notice u/s. 142(1) or 143(2) or
142(2A) [w.e.f. A.Y. 2017-18]
Concealment
Where search has been initiated on or after 1-7-2012
and undisclosed income found for specified previous year:
(a) if assessee admits the undisclosed income during
search subject to conditions;
(b) if assessee admits in the return of income filed after
the search subject to conditions;
(c) if not covered by (a) or (b)
Books, Audit, Loans
Failure to keep, retain books U/S 44AA
Failure to get books audited U/S 44AB
Taking loan in contravention of Sec 269SS
Repayment of loan in contravention of Sec 269T
Failure to furnish return u/s 139(1) before end of AY
TDS
Failure to deduct in part or full
Failure to collect tax in part or full
Quoting false TAN in challan / statements
Failure to apply for TAN
Failure to furnish eTDS statement
Failure to furnish TDS Certificate
International transactions
Failure to keep and maintain any information or
document as required by Sec 92D(1)/(2).
Failure to furnish information document as required
u/s. 92D(4). (w.e.f. A.Y. 2017-18)
Failure to furnish a report from an accountant as
required u/s. 92E.

12

Section

Upto tax in arrear

221(1)

` 10,000 for each failure


` 10,000 for each failure

272A(1)(a)
272A(1)(b)

` 10,000 for each failure


` 10,000 for each failure

272A(1)(c)
272A(1)(d)

271AAB
(a) 10% of undisclosed income
(b) 20% of undisclosed income
(c) 60% of undisclosed income
` 25000
0.5% of gross sales Maximum
` 1.50 Lakh
Equal to amount of loan taken
Equal to amount of loan repaid
` 5000

271A
271B
271D
271E
271F

Equal to tax not deducted


Equal to tax not collected
` 10000
` 10000
` 10000 to 1 lakh
` 100 per day. Limited to
amount of TDS

271C
271CA
272BB(1A)
272BB(1)
271 H
272A(2)(g)

2% of the value

271AA(1)

` 5 lakh

271AA(2)

` 1 lakh

271BA

13

Depreciation Chart : Income Tax

Assessment Year 2017-18

Block

Nature of Asset

Rate of
Depreciation

Block-1
Block-2
Block-3

Building
Residential building other than hotels and boarding houses
Office, factory, godowns or building - not mainly residential purpose
Temporary erections such as wooden structures

5
10
100

Block-4

Furniture
Furniture - Any furniture / fittings including electricals fittings

10

Plant and Machinery


Any plant or machinery (not covered by block 6,7,8,9,10,11 or 12) and motors
cars (other than those used in a business of running them on hire) acquired
or put to use on or after April 1, 1990
Block-6 Ocean-going ships, vessels ordinary operating on inland waters including
speed boats
Block-7 Buses, lorries and taxies used in business of running them on hire,
machinery used in semi-conductor industry, moulds used in rubber and
plastic goods factories
Block-8 Aeroplanes, life saving medical equipment
Block-9 Containers made of glass or plastic used as refills, new commercial vehicle
which is acquired during Jan 1, 2009 and Sept 30, 2009 and is put to use
before Oct 1, 2009 for the purpose of business / profession
Block-10 Computers including computer software. Books (other than annual publication)
owned by a professional; Gas Cylinders, plants used in mineral oil concerns,
fire glass melting furnaces
Block-11 Energy saving devices; renewal energy devices; rollers in flour mills, sugar
works and steel industry; electrical equipment; burners; cogeneration systems
Block-12 Air pollution control equipments; water pollution control equipments; solid waste
control equipments, recycling and resource recovery systems; (being annual
publications) owned by assessees carrying on a profession or books (may or
may not be annual publications) carrying on business in running lending
libraries; Cinematograph films, plants used in mines and quarries, wooden
match frames

100

Intangible Assets
Block-13 Intangible assets (acquired after march 31, 1998) - Know-how, patents,
copyrights, trademarks, licences, franchises and any other business or
commercial rights of similar nature

25

Block-5

13

15
20
30
40
50
60
80

Depreciation Chart : Companies Act, 2013


Assessment Year 2017-18

Nature of Asset

Useful
Life

I. Buildings
(a) Buildings (other than factory buildings) RCC Frame Structure
(b) Buildings (other than factory buildings) other than RCC Frame Structure
(c) Factory buildings
(d) Fences, wells, tube wells
(e) Others (including temporary structure, etc.)
II. Bridges, culverts, bunders, etc
III. Roads
(a) (i) Carpeted Roads-RCC
(ii) Carpeted Roads-other than RCC
(b Non-carpeted roads
IV. Plant and Machinery
(i) General rate applicable to plant and machinery not covered under special
plant and machinery
(a) Plant and Machinery other than continuous process plant
(b) continuous process plant
(ii)Special Plant and Machinery
(a) Production and exhibition of Cinematograph films
(b) Plant and Machinery used in glass manufacturing
Recuperative and regenerative glass melting furnaces
Moulds
Float Glass Melting Furnaces
(c) Portable underground machinery and earth moving machinery used in open cast mining
(d) Plant and Machinery used in Telecommunications
Towers
Telecom transceivers, switching centres, transmission and network equipments
TelecomDucts, Cables and optical fibre
Satellites
(e) Plant and Machinery used in exploration, production and refining oil and gas
Refineries | Oil and gas assets | Petrochmical plants| Storage Tanks
Pipelines | Drilling Rigs
Field operations (above ground) | Loggers
(f) Plant and Machinery used in generation, transmission and distribution of power
Generation Plants :Thermal/ Gas/ Combined Cycle | Hydro | Nuclear | Transmission Lines
Generation Plants : Wind
Distribution Plants : Electric
Distribution and Storage Plants : Gas | Distribution Plants : Water
(g) Plant and Machinery used in manufacture of steel
Sinter Plant | Blast Furnace | Coke ovens | Rolling mill in steel plant
Basic oxygen Furnace Converter
(h) Plant and Machinery used in manufacture of non-ferrous metals
Metal pot line | Bauxite crushing and grinding section | Digester Section | Turbine | Equipments
for Calcination | Copper Smelter | Roll Grinder
Soaking Pit | Annealing Furnace | Rolling Mills | Equipments for Scalping, Slitting , etc.
Surface Miner, Ripper Dozer, etc., used in mines | Copper refining plant
(i) Plant and Machinery used in medical and surgical operations
Electrical Machinery, X-ray and electrotherapeutic apparatus and accessories thereto,
medical, diagnostic equipments, namely, Cat-scan, Ultrasound Machines, ECG Monitors, etc.
Other Equipments

14

Assuming 5%
Salvage Value
SLM(%) WDV(%)

60
30
30
5
3
30

1.58
3.17
3.17
19.00
31.67
3.17

4.87
9.50
9.50
45.07
63.16
9.50

10
5
3

9.50
19.00
31.67

25.89
45.07
63.16

15
25

6.33
3.80

18.10
11.29

13

7.31

20.58

13
8
10
8

7.31
11.88
9.50
11.88

20.58
31.23
25.89
31.23

18
13
18
18

5.28
7.31
5.28
5.28

15.33
20.58
15.33
15.33

25
30
8

3.80
3.17
11.88

11.29
9.50
31.23

40
22
35
30

2.38
4.32
2.71
3.17

7.22
12.73
8.20
9.50

20
25

4.75
3.80

13.91
11.29

40

2.38

7.22

30
25

3.17
3.80

9.50
11.29

13

7.31

20.58

15

6.33

18.10

Depreciation Chart : Companies Act, 2013


Assessment Year 2017-18

Nature of Asset

Useful
Life

(j) Plant and Machinery used in manufacture of pharmaceuticals and chemicals


Reactors | Distillation Columns | Drying equipments/Centrifuges and Decanters | Vessel/
storage tanks
(k) Plant and Machinery used in civil construction
Concreting, Crushing, Piling Equipments and Road Making Equipments
Heavy Lift Equipments Cranes with capacity of more than 100 tons
Heavy Lift Equipments Cranes with capacity of less than 100 tons
Transmission line, Tunneling Equipments
Earth-moving equipments
Others including Material Handling /Pipeline/Welding Equipments
Plant and Machinery used in salt works
V. Furniture and fittings
General furniture and fittings
Furniture and fittings used in hotels, restaurants and boarding houses, schools, colleges and other
educational institutions, libraries; welfare centres; meeting halls, cinema houses; theatres and circuses;
and furniture and fittings let out on hire for use on the occasion of marriages and similar functions
VI. Motor Vehicles
Motor cycles, scooters and other mopeds
Motor buses, motor lorries, motor cars and motor taxies used in a business of running them on hire
Motor buses, motor lorries, motor tractors, harvesting combines and heavy vehicles and motor cars
other than those used in a business of running them on hire, electrically operated vehicles including
battery powered or fuel cell powered vehicles
VII. Ships
1. Ocean-going ships
Bulk Carriers and liner vessels
Crude tankers, product carriers and easy chemical carriers with or without conventional tank coatings
Chemicals and Acid Carriers: With Stainless steel tanks
Chemicals and Acid Carriers: With other tanks
Liquified gas carriers | Conventional large passenger vessels which are used for cruise purpose also |
Coastal service ships of all categories
Offshore supply and support vessels | Catamarans and other high speed passenger for ships or boats
Drill ships
Hovercrafts
Fishing vessels with wooden hull
Dredgers, tugs, barges, survey launches and other similar ships used mainly for dredging purposes
Vessels ordinarily operating on inland waters
Speed boats
Other vessels
VIII. Aircrafts or Helicopters
IX. Railways sidings, locomotives, rolling stocks, tramways and railways used by concerns,
excluding railway concerns
X. Ropeway structures
XI. Office equipment
XII. Computers and data processing units
Servers and networks
End user devices, such as, desktops, laptops, etc.
XIII. Laboratory equipment
General laboratory equipment
Laboratory equipments used in educational institutions
XIV. Electrical Installations and Equipment
XV. Hydraulic works, pipelines and sluices

15

Assuming 5%
Salvage Value
SLM(%) WDV(%)

20

4.75

13.91

12
20
15
10
9
12
15

7.92
4.75
6.33
9.50
10.56
7.92
6.33

22.09
13.91
18.10
25.89
28.31
22.09
18.10

10
8

9.50
11.88

25.89
31.23

10
6
8

9.50
15.83
11.88

25.89
39.30
31.23

25
20
25
20
30

3.80
4.75
3.80
4.75
3.17

11.29
13.91
11.29
13.91
9.50

20
25
15
10
14

4.75
3.80
6.33
9.50
6.79

13.91
11.29
18.10
25.89
19.26

13
28
20

7.31
3.39
4.75

20.58
10.15
13.91

15
15
5

6.33
6.33
19.00

18.10
18.10
45.07

6
3

15.83
31.67

39.30
63.16

10
5
10
15

9.50
19.00
9.50
6.33

25.89
45.07
25.89
18.10

14

Registrar of Companies (RoC) Compliance

Compliance By All Companies


Compliance

Date

Last Day for convening AGM


File copies of Annual Accounts with ROC within 30 days of AGM
Filing of Annual Return with ROC within 60 days of AGM

30/09/2016
-

Fees For Filing Various Documents or For Registering any Fact Under Companies Act, 2013
(Except for Form No SH. 7)
Compliance

Fees

Less than ` 1,00,000


1,00,000 less than ` 5,00,000
5,00,000 less than ` 25,00,000
25,00,000 or more less than ` 1 Crore
` 1 Crore or more

`
`
`
`
`

200
300
400
500
600

Fee on Application (including Appeal) made to Central Government


Application made by
(i) A Company having an authorized Share Capital of :
(a) Upto ` 25,00,000
(b) More than ` 25,00,000 and upto ` 50,00,000
(c) More than ` 50,00,000 and upto ` 5 Crores
(d) More than ` 5 Crores and upto ` 10 Crores
(c) More Than ` 10 Crores
(ii) A Company limited by guarantee but not having
share capital
(iii) Section 8 Company
(iv) Foreign Company
(v) Application for Allotment of DIN U/S 153

OPC &
Small Companies

Other than OPC &


Small Companies

1000
2500
N/A
N/A
N/A

2000
5000
10000
15000
20000

2000
2000
5000
500

Additional Fees For Late Filing of Document


Document

Period of Delay

Rate of Additional Fee

Form No. SH 7
from 31st day up to 6 month
(increase in Share Capital) 2.5% pm on normal fee
Other Documents
i) Upto 15 days (Sec. 93, 139 & 157)
ii) More than 15 days and upto 30 days
iii) More than 30 days and upto 60 days
iv) More than 60 days and upto 90 days
v) More than 90 days and upto 180 days
vi) More than 180 days and upto 270 days

16

Beyond 6 Months
3% pm on normal fee
One time of normal filing fee
Two times of normal filing fee
Four times of normal filing fee
Six times of normal filing fee
Ten times of normal filing fee
Twelve times of normal filing fee

Registrar of Companies (RoC) Compliance

Other Fee to be paid


Inspection of File and Charges
File Inspection
Fees for Obtaining Certified Copy
a) Certificate of Incorporation
b) Other Certified Copies

Company
Rs. 100

LLP
Rs. 50

Rs. 100
Rs. 25 per page

Rs. 50
Rs. 5 per page

Important e-forms prescribed under the Companies Act, 2013


Sr.

e-Form

Purpose of Form as per Companies Act, 2013

INC-1

Application for reservation of name

INC-7

Application for Incorporation of Comapny (Other than OPC)

INC-22

Notice of situation or change of situation of registered office

DIR-12

Particulars of appointment of Directors and the key managerial personnel and the changes
among them

DPT-3

Return of deposits

ADT-1

Information to the Registrar by Company for appointment of Auditor

ADT-3

Notice of Resignation by the Auditor

DIR-11

Notice of resignation of a director to the Registrar

MGT-14

Filing of Resolutions and agreements to the Registrar

10

PAS-3

Return of allotment

11

MGT-7

Form for filing annual return by a company

12

AOC-4

Form for filing financial statement and other documents with the Registrar

13 AOC-4(CFS) Form for filing consolidated financial statements and other documents with the Registrar
14 AOC-4 XBRL Form for filing XBRL document in respect of financial statement and other documents with
the Registrar
15

SH-7

Notice to Registrar of any alteration of share capital

17

VAT - Gujarat

15

Due Date for Payment of GVAT and Filing of GVAT Return

Periodicity
Monthly

Quarterly
Annual

Due Dates for


Payment of GVAT

Criteria
GVAT/CST paid more
than ` 60,000 in
previous F.Y. or current F.Y.,
New Registration, Non
Localized dealer, Import,
Export, Sales in SEZ
GVAT/CST paid upto
` 60,000 in previous F.Y.
Dealers liable to
VAT Audit
Dealers not liable to
GVAT Audit

Due Dates for Filing Returns

22nd day after end


of the Month

45th day after the end of the Month

22nd day after end


of the Quarter
N.A.

45th day after the end of the Quarter

N.A.

31st December after


end of the financial year
30th June after
end of the financial year

GVAT / CST Returns and Challan

Description

Form No.

GVAT Return (Monthly / Quarterly)


General
Specific (For a dealer who has opted lump sum permission to pay tax)

201, 201A, 201B, 201C,


202, 202A

Annual Return
General
Specific (For a dealer who has opted lump sum permission to pay tax)

205, 205A
202

CST Return

III-V, Anne, I & II

GVAT / CST Challan


GVAT
CST

207
4B

GVAT Audit
Exceeds ` 1 Crore
31st December
Form No. 217

Mandatory if sale or purchase


Due Date
Form No

Mandatory e-Payment / e-Filing for Dealer under GVAT Act


Mandatory e-Payment

If GVAT / CST payable exceeds ` 50,000 for a month or quarter

Mandatory e-Filing

for all the dealers

18

PF / ESIC & Payroll Compliance

16

Type
PF Share
PF & Pension Share
EDLI
EDLI*
PF Admin Charges
EDLI Admin Charges
EDLI Admin Charges*
PF Admin Charges
EDLI Admin Charges
ESIC
ESIC

Description

Responsibility

12% OF Basic + DA
12% OF Basic + DA
Of which 8.33% or Max Rs.1250/- Pension share &
3.67% or Difference will be PF share
0.50% of ((Basic + DA) upto 15000/-)
0.00% *(IF EDLI Policy taken from Insurance Company)
0.85% of Basic + DA or Min Rs.500/0.01% of ((Basic + DA) upto 15,000/-)or Min Rs.200/0.005% of ((Basic + DA) upto 15,000/-) or Min Rs.200/*(IF EDLI Policy taken from Insurance Company)
Rs.75/- per month - Where no contributory member
Rs.25/- per month - Where no contributory member
1.75% of Gross Wages
4.75% of Gross Wages

EMPLOYEE
EMPLOYER
EMPLOYER
EMPLOYER
EMPLOYER
EMPLOYER
EMPLOYER
EMPLOYER
EMPLOYEE
EMPLOYER

eTDS Form 26Q / 24Q / 27Q filing


Qtr Quarter Ending
Due Date
Q1
June
Jul-31
Q2
Sept
Oct-31
Q3
Dec
Jan-31
Q4
March
May-31

Profession Tax - Gujarat (Employee) w.e.f. 01-04-2013

Form 16 / 16A Issuance Due Dates


Qtr
Quarter Ending Due Date
Form 16 A
Q1
June
Aug-15
Q2
Sept
Nov-15
Q3
Dec
Feb-15
Q4
March
June-15
Form 16 Apr to Mar
May-31

Profession Tax - Gujarat (Firm/Company) w.e.f. 01-04-2013


For Dealers as defined under GVAT Act, 2003

Salary
Upto ` 5,999
6,000 to 8,999
9,000 to 11,999
12,000 and above

Turnover

NIL
80
150
200

Prof. Tax

Upto ` 2,50,000

NIL

2,50,001 to 5,00,000

500

5,00,001 to 10,00,000

1,250

10,00,001 and above

2,400

If a Firm/ Company is not a Dealer as defined under


GVAT Act, 2003 then Professional / Service Provider is
liable to pay Professional Tax as under :

th

15 - Payment of PF
th
15 - Payment of Prof. Tax
st
21 - Payment of ESIC

Prof. Tax

District Panchayat
Municipality
Municipal Corporation

Due
D a te s

500
1,000
2,000

Payment of Professional Tax by Firm / Company should be


made on or before 30th September of current Financial Year.

19

Due Dates Chart

17
For Financial Year 2016-17

Mon

Payment Quarterly Filing of Advance Payment Service


ESIC
of
TDS
Income
Tax
of Service
Tax
Payment
TDS
Return Tax Return Payment
Tax
Return

PF
Payment

April

30

25

21

15

May

31

21

15

June
July

7
7

31

31

15

6
6

21
21

15
15

August

21

15

September

15

21

15

October

31

30
-

25

21

15

November

30*

30

21

15

December

15

21

15

January

31

21

15

February
March

7
7

15

6
6/31

21
21

15
15

*For Companies required to file report u/s 90E.


# Assessees are required to file Service Tax Annual Return and CENVAT Credit Annual return from F.Y. 2016-17.

Excise Duty: Periodical Returns

18

For Financial Year 2016-17


Form

Description

Who is required to file

ER-1 Monthly Return


By Large units#

Time limit

Manufacturers not eligible for SSI


concession

10th of following mth.

EOU units

10th of following mth.

Assessees availing SSI concession

10th of following qtr.

ER-4 Annual Return

Assessees paying duty


of ` 1 crore or more p.a.
through PLA & CENVAT

Annually, by 30th
November of
succeeding year

ER-8 Quarterly Return by first


and second stage dealers

Registered Dealers

15th day of following


quarter

ER-2 Return by EOU#


#

ER-3 Quarterly Return by SSI


@

Quarterly Return

Assessees paying 1%/2% excise duty and Quarterly withing 10 days


not manufacturing any other goods
after close of quarter.

* Form No. ER-5 / ER-6 / ER-7 are Omitted w.e.f. 01-04-2016


# Return can be revised within calendar month in which original return is filed. A return can be revised only
if filed within due date [w.e.f. date to be notified]
@ Annual return can be revised within one month from the date of original return is filed within time limit.
[w.e.f. date to be notified]

20

Service Tax Compliance

19

Basic Exemption Limit Chart

Rate of Service Tax

Period
Basic Exemption Limit
Before 01-04-2005
No Limit
01-04-2005 to 31-03-2007
` 4 Lakhs
01-04-2007 to 31-03-2008
` 8 Lakhs
01-04-2008 onwards
` 10 Lakhs
E-Payment of Service Tax

Individual | Proprietor | Firm | LLP | HUF | OPC#


Period
Due Date
April-June
July 6
July-Sept
Oct 6
Oct-Dec
Jan 6
Jan-March
Mar 31

Period
11-08-2007 to 23-02-2009
24-02-2009 to 31-03-2012
01-04-2012 to 31-05-2015
01-06-2015 to 14-11-2015
15-11-2015 to 31-05-2016
01-06-2016 onwards

Net Rate
12.36%
10.30%
12.36%
14%
14.5%
15%

Corporate | Trust | Society | OPC@


Period
Due Date
March
Mar 31
Other Months
6th of Next Month

# Whose aggregate value of taxable services provided is Rs.50 Lacs or less in Previous F.Y.
@ Whose aggregate value of taxable services provided is more than Rs.50 Lacs in Previous F.Y.
Note : (i) E-Payment of Service Tax is mandatory for ALL assessees w.e.f. 01-10-2014.
(ii) E-Payment will be considered valid up to 8.00 pm of the respective day.
Interest for Delayed Payment

Period

Rate of Interest

01-04-2011 to 30-09-2014

18% p.a. (15% if turnover during previous FY is upto ` 60 Lakhs)

01-10-2014 to 13-05-2016* 18% p.a. (Delay for first 6 months)


24% p.a. (Delay from 7th month to 12 months)
30% p.a. (Delay for the period beyond 1 year)
14-05-2016 onwards*
24% p.a. Service Tax collected but not paid before due date)
15% p.a. (Service Tax not collected and not paid)
* 3% concession in interest rate for assessees having turnover upto Rs.60 Lakhs
Note : Interest shall be for the month or part thereof.

Half-yearly Return in Form ST-3

Period

Due Date

April to September
October to March

25th of October (31st October for Input Service Distributors)


25th of April
(30th April for Input Service Distributors)

Revision of Form ST-3

ST-3 can be revised and submitted again within 90 days from the date of filing of original return.
Annual Return Chart (w.e.f. 01-04-2016)

To be Filed by
30th November
30th November

Annual Return
For Service Tax*
For CENVAT Credit

* Annual Service Tax return can be revised within a period of 1 month from the date of filing of original return.

21

20

Table of Abatements : Service Tax @ 15%

Sr. No.
of Noti.
26/2012

1.
2.
2A.
3.
4.

5.

6.
7.
7A.

(01-06-2016 Onwards)

Name of the Service


Financial leasing including Hire Purchase
Transport of goods by Rail (other than service specified in Sr. No. 2A)
Transport of goods in containers by rail by any person other than Indian Railways
Transport of Passenger by Rail
Bundled service by way of supply of food or any drink, in a premises
(including hotel, convention center, club, pandal, shamiana or any other place,
specially arranged for organizing a function) together with renting of such premises
Transport of Passengers by Air [w.e.f. 01-04-2015]
(i) Economy Class
(ii) Other than Economy Class
Renting of hotels, inns, guest houses, clubs, campsites or other
commercial places meant for residential or lodging purposes
Services of GTA in relation to transportation of goods other than used
household goods [w.e.f. 01-04-2016]
Services of GTA in relation to transportation of used household goods

Abatement

90%
70%
60%
70%
30%

Effective
Rate

**
**
**
*

1.50%
4.50%
6.00%
4.50%
10.50%

60% **
40% **
40% **

6.00%
9.00%
9.00%

70% #

4.50%

60% #

6.00%

#
@
#
#
#
**

10.50%
6.00%
6.00%
6.00%
6.00%
4.50%

90% $
70% $
70% ^

1.50%
4.50%
4.50%

60% ^
30% ^
30% ^

6.00%
10.50%
10.50%

60% *
40% *

6.00%
9.00%

[w.e.f. 01-04-2016]

8.
9.
9A.

10.
11.

Service Tax
(Determination of
Value) Rules, 2006

12.

Services provided by a foreman of Chit fund in relation to chit[w.e.f.01-04-2016]


Renting of a Motor cab [w.e.f. 01-10-2014]
(a) Transport of passengers by a Contract Carriage [w.e.f.11-07-2014]
(b) Transport of passengers by a radio taxi [w.e.f. 01-10-2014]
(c) Transport of passengers by air conditioned stage carriage [w.e.f.01-06-2016]
Transport of goods in a Vessel [w.e.f. 01-04-2015]
Services by a tour operator in relation to,(i) Only arranging, booking, accommodation
(ii) Services other than services specified in (i) above
Construction of Residential and Commercial Complex / Building / Civil Structure
Service portion in the execution of Works Contract
a) Original Works
b) (i) Maintenance/Repair/Reconditioning etc. of any goods
(ii) Maintenance/Repair/Completion & Finishing service in relation to
Immovable property [w.e.f. 01-10-2014]
Service portion in an activity wherein food or any drink is
a) supplied at a Restaurant
b) supplied in Outdoor Catering

*
**
#
^
@

30%
60%
60%
60%
60%
70%

CENVAT credit on any goods classifiable under Chapters 1 to 22 (food articles) of the Central Excise Tariff Act has not been availed.
CENVAT credit on inputs and capital goods has not been availed.
CENVAT credit on inputs, capital goods and input services has not been availed.
CENVAT credit on inputs used for providing the taxable service has not been availed.
CENVAT credit on inputs, capital goods, input services has not been availed. [CENVAT credit of input service of Renting of Motor cab
can be availed by service provider in similar line of business subject to a max. of 40% of the service tax of the value of service received].
$ CENVAT credit on inputs, capital goods, input services has not been availed.. [CENVAT credit of input service of Tour Operator can
be availed. by service provider in similar line of business].
Note : (i) To avail abatement in Entry No. 9, value of all goods (including fuel) supplied by S.R. must be included in amount charged.
(ii) To avail abatement in Entry No. 11(i), bill issued should indicate charges for accommodation
(ii) To avail abatement in Entry No. 12, value of land must be included in the amount charged.

22

Penalties

21
Section
70

76

Nature of default

Amount of penalty

Fees for late filing of Return.


- Delay upto 15 days
- Delay of more than 15 and upto 30 days
- Delay of more than 30 days
Failure to pay service tax

77(1)(a) Penalty for default in obtaining Service Tax Registration


77(1)(b) Failure to keep, maintain or retain books of
account and other documents required
77(1)(c) Assessee fails to :
(i) furnish information called by an officer; or
(ii) produce documents called for by a Central
Excise Officer; or
(iii) appear before the Central Excise Officer,
when issued with a summon for appearance to give
evidence or to produce a document in an inquiry.
77(1)(d) Assessee fails to pay service tax electronically
77(1)(e) Assessee issues invoice in accordance with
provisions of the Act or rules made thereunder,
with incorrect or incomplete details or fails to
account for an invoice in his books of account
77(2)
Penalty for contravention of any provision for
which no penalty is provided
78
Penalty for suppressing value of taxable Service*

Rs. 500
Rs. 1000
Rs. 1000 + Rs. 100 for each day but
not exceeding Rs. 20,000
Max. 10% of Service Tax Amt.
Nil if Service Tax + Interest paid
within 30 days of Service of SCN
25% of penalty if Service Tax
+ Interest + Penalty paid within
30 days of receipt of order
Upto Rs. 10,000
Upto Rs. 10,000
Upto Rs. 10,000 or Rs. 200 per day
till failure, whichever is higher.

Upto Rs. 10,000


Upto Rs. 10,000

Not exceeding Rs. 10,000


100% of Service Tax Amt.
15% of Service Tax Amt. if Service
Tax + Interest + Penalty paid within

30 days of Service of SCN


25% of Service Tax Amt. if Service
Tax + Interest + Penalty paid within

78A

Penalty on director, manager, secretary or any other


officer of a company for specified contravention
[w.e.f. 10-05-2013]

30 days of receipt of order


Upto Rs. 1,00,000

* Penalty for offences by director, etc. of company shall be deemed to be closed in cases where the main demand and penalty proceedings
have been closed under section 76 or section 78 of the Act.

23

KMS ADVISORY SERVICES


Indirect Taxation Consultancy
Service Tax
- Opinion Regarding Applicability
- Filing of Returns
- Preventive Matters
- DGCEI Matters
- Service Tax Audit
Excise & Customs
GVAT & CST
Goods & Service Tax (GST)
Impact Analysis of GST
Due Diligence
Sector Specific Structuring

Compliances & Representational Services


Income Tax
ROC Matters including LLPs

Management Consultancy Services


Solutions to Core Management Problems
Financial Advisory
Business Valuation
Management Assurance & Risk Review
Family/ Business Arbitration
Management Transition/ Trust Office
Inbound/ Outbound Investments
Setup of 100% Indian Subsidiary of a
Foreign Corporation
Setting up of Overseas Subsidiary of Indian
Corporation

Audit and Assurance Services


System Audit
Due Diligence Audit
Internal Audit
Compliance Review Report
Forensic Audit
Fraud and Investigation Audit
International Taxation
Compliance with Transfer Pricing Regulations
Filing of Ex-Patriate Returns
DTAA related services

KHANDHAR MEHTA & SHAH


3rd Floor, Devpath Complex, Behind Lal Bunglow, Off C. G. Road, Ahmedabad - 380 006.
Phone: +91 - 79 - 2646 1526, 6631 5450/51/52/53
www.kmsindia.in

In Association with BATGACH - Branches at


Bangalore, Chennai, Guwahati, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mumbai, New Delhi,
Patna, Raipur, Siliguri, Silchar, Trivandrum